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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, June 11, 2003, Vol. 4, No. 114


                            Headlines


C Z E C H   R E P U B L I C

UNION BANKA: Company Profile


F R A N C E

ALSTOM: Unfazed by Protests; To Cut Hundreds of Jobs
IOCORE PLC: Quits 'Unprofitable' French Business


G E R M A N Y

BAYER AG: Decision on Purported U.S. Class Suit Within Weeks
HVB GROUP: Expects EUR439 Million from Polish Bank Stake Sale


I R E L A N D

WATERFORD CRYSTAL: Strips Plant Operations to Bare Necessities


I T A L Y

TELECOM ITALIA: Seat PG Approves Accounts of Spun-off Company


N E T H E R L A N D S

ROYAL PHILIPS: Chief Says EUR1 Bln Cost-saving Target Achievable


P O L A N D

BANK MILLENNIUM: Trading Unit Increases Initial Capital
BANK MILLENNIUM: Subsidiary Returns PLN18 Million Subsidy
KREDYT BANK: Obtains Loan from European Investment Bank
NETIA HOLDINGS: Acquires Entire Shares of Netia Ventures
NETIA HOLDINGS: Posts Shareholding Details of Enterprise Fund
NETIA HOLDINGS: Posts Shareholding Details of TeliaSonera


R U S S I A

NORILSK NICKEL: Net Profits Suffer from Weak Palladium Sales


S W E D E N

TELIASONERA AB: Completes Disposal of Telia Mobile Finland


U N I T E D   K I N G D O M

ABBEY NATIONAL: Appoints New Customer Propositions Director
ACCIDENT GROUP: Finances Already on the Rocks Way Before April
BIG FOOD: Regulators to Look Into Iceland's 2000 Results
CABLE & WIRELESS: Redeems Outstanding US$704 Million Bond
CITY OF LONDON: Chairman Says FY2002 Has Been a 'Shocker'

CORDIANT COMMUNICATIONS: WPP Offer Not Yet Guaranteed
CORDIANT COMMUNICATIONS: Sells Scholz Stakes for EUR22 Million
FIRST CHOICE: First Half Pre-tax Loss Down to GBP44.1 Million
GLAXOSMITHKLINE PLC: Awaits New Labeling Guidelines for Seroxat
HENLYS GROUP: Full-year Results to Fall Below Expectations

ILLUMINATOR: Increases Pre-tax Loss on Ordinary Activities
INGENTA PLC: EBITDA Losses Reduced to GBP1.3 Million
INVENSYS PLC: Sale of Energy Management Units Still Months Away
REDSTONE PLC: Full Year EBITDA Losses Down
ROYAL & SUNALLIANCE: Divests Puerto Rican Insurance Subsidiary

ROYAL & SUNALLIANCE: Sells Royal Specialty Underwriting Inc.
SMF TECHNOLOGIES: Sells Operations; Reconstructs Capital
SOMERFIELD PLC: To Explain Rejection of Bid in Full-year Results
TELEWEST COMMUNICATIONS: Announces Update on Restructuring


                            *********


===========================
C Z E C H   R E P U B L I C
===========================


UNION BANKA: Company Profile
----------------------------
NAME: Union Banka

PHONE: +420 69 61 08 111

FAX: +420 69 211 586

EMAIL: union@union.cz

WEBSITE: http://www.union.cz

TYPE OF BUSINESS: Financial Services

SIC: Bank

COMPANY LOCATION: Ul. 30. Dubna c. 35
                  702 00 Ostrava
                  Czech Republic

EXECUTIVES:

Board of Directors

Ing. Marie Parmova, President
Ing. Jozef Dejeik, Deputy to the President
Ing. Ivo Vrzal, Vice-President for Commerce

Members

Ing. Jioi Babis, Vice-President for Commerce
Ing. Miroslav Fueik, Vice-President for Banking Services
Ing. Richard Kuczinsky, Vice-President for Personnel and
     Administration
Ing. Lumir Novaeek, Vice-President for Investment Banking
Ing. Tomas Seidler, Vice-President for Finance
Pavel Vaoa, Vice-President for IT and Foreign Activity

NUMBER OF EMPLOYEES: 1,160 as of December 2000 (2000 Annual Report)

ASSETS: CZK8-11 billion according to auditors HZ Praha (TCR-Europe June 10,
2003)

DEBTS: CZK19 billion (TCR-Europe June 10, 2003)

THE TROUBLE: Union Banka filed for bankruptcy in February following a
liquidity crisis that forced it to close shop and freeze CZK13.8 billion in
deposits.  It asked the government for CZK1.8 billion in funding to help
plug an estimated CZK4.5 billion hole on its accounts, but the government
rejected the request.  Its trouble stems from an unmanageable expansion when
it took over struggling financial houses in the mid-1990s.

CREDITORS: Inner Investment
           Osiar
           City Realitni Spravni
           Invesmart

AUDITOR: HZ Praha, spol. s.r.o.
         Phone: +420 224 912 360, +420 224 911 333
         Fax: +420 224 912 361

INDEPENDENT AUDITOR: Deloitte & Touche
                     Stonecutter Court
                     1 Stonecutter Street
         London
                     United Kingdom
                     EC4A 4TR
         Phone: +44 (20) 7936 3000
                     Fax: +44 (20) 7583 1198


===========
F R A N C E
===========


ALSTOM: Unfazed by Protests; To Cut Hundreds of Jobs
----------------------------------------------------
Alstom confirmed recently that it plans to axe between 358 and 445 jobs from
its French workforce.  Between 235-295 of 680 jobs will go at the Belfort
transport plant due to overcapacity, 100 of 592 will go at the power
environment arm and 50 of 306 at the transmission and distribution business.

The company said it had advised the group's works council last week of the
plan, and is willing to continue negotiations with unions, workers, and
local authorities, regarding the future of the workers affected.  Alstom is
aware of the plans of its European works council to file legal action
against the continuing job cuts, it said.

Last week, hundreds of angry employees staged a riotous demonstration
against the plan.  The protesters claim Alstom management had failed to
consult the group's European works council before coming up with its
decision.  Alstom's EUR600 million, two-year restructuring program is
expected to eventually result in 10,000 job cuts aimed at bringing down the
workforce to 70,000.  A key part of this restructuring is the sale of its
power transmission and distribution business.


IOCORE PLC: Quits 'Unprofitable' French Business
------------------------------------------------
To improve the company's profitability, Iocore Plc has decided to
discontinue the operations of its French subsidiary.  In May, Iocore Plc
announced that it would discontinue its operations in the Netherlands and
trim down the personnel at the French unit.  After the reorganization
process, however, the company concluded that the French operations could
never become profitable.

Iocore will continue its foreign business operations through its Belgian
subsidiary company.  Iocore Belgium's business operations are mainly based
on software product business.

For over six months now, the company has been implementing a development
program for its European units, but due to the adverse market conditions,
overall operations have remained unprofitable.  The company is currently
analyzing the profit/loss and tax consequences of discontinuing the French
business and will post the reduction effects to the profit/loss of the third
quarter, April 1 - June 30, 2003.

CONTACT:  IOCORE PLC
          Kari Katajamaki, Chief Executive Officer
          Phone: +358 9 374 7800


=============
G E R M A N Y
=============


BAYER AG: Decision on Purported U.S. Class Suit Within Weeks
------------------------------------------------------------
U.S. District Court Judge Michael Davis will determine in the coming weeks
whether users of Baycol form a class, entitling them to claim over US$1
billion in damages relating to the cholesterol-lowering drug that Bayer
pulled out of the market in 2001.  Germany's No. 2 drug maker withdrew the
drug after being linked to more than 100 deaths worldwide.

There are 8,800 lawsuits against the drug company and the possibility of
these being grouped is terrifying, analysts and investors said, according to
Bloomberg.  Bayer stands to pay a bigger amount should the plaintiffs file
the case together.   Bayer's success in winning a lawsuit in March buoyed
the firm's shares 83% and Judge Davis' ruling could tip the scale anew,
according to the report.

"The share price indicates the market is expecting no class action," said
Peter Lemmer, who manages EUR400 million (US$468 million) in stocks and
bonds at Gerling-Konzern Allgemeine Versicherung in Cologne and holds Bayer
stock. "If there is, it will be negative," he told Bloomberg.

Bayer won the first two cases that came to court and settled a case due to
be tried June 6.  A second case set for trial that day was also withdrawn.
Last month, Chief Financial Officer Klaus Kuehn said Bayer agreed to pay
US$240 million to settle 785 of the lawsuits against it and is in talks to
settle "several hundred" more cases.

"The fact that previous cases have turned out positively for Bayer could be
a precedent," said Sascha Mergner, a chemical and pharmaceutical fund
manager at AMB Generali in Cologne, Germany, which has EUR4.7 billion in
assets under management.


HVB GROUP: Expects EUR439 Million from Polish Bank Stake Sale
-------------------------------------------------------------
HVB expects to generate about EUR439 million through the sale of its
remaining shares in Polish bank BPH PBK at a large premium over the bank's
current stock market value.  The German bank plans to sell the stake to
Vienna-based Bank Austria Creditanstalt as disclosed in the draft prospectus
of the latter's initial public offering.  HVB also intends to float its 25%
stake in Bank Austria next month to raise EUR1.1 billion.

Bank Austria, which already owns 52.2% of BPH PBK, is keen on taking over
HVB's remaining 18.95% holding in the bank, according to the Financial
Times.  The Polish bank, which controls 10% of the Polish market, accounts
for roughly half of Bank Austria's Central and Eastern European assets and
nearly two thirds of its Central and Eastern European offices.  In the first
quarter of 2003, BPH PBK more than doubled its pre-tax profits to EUR38.5
million.

The report said analysts had expected the HVB stake to be priced at close to
its current value of EUR316 million, as it is quoted in Warsaw.  This could
heighten concerns over possible conflicts of interest within the HVB group
that is currently trying to repair its balance sheet, the report said.

Goldman Sachs and JP Morgan are the joint global bookrunners of the
transaction, along with HVB and CAIB, Baca's investment bank.


=============
I R E L A N D
=============


WATERFORD CRYSTAL: Strips Plant Operations to Bare Necessities
--------------------------------------------------------------
Waterford Crystal laid off 1,600 of its 1,700 employees for a week,
retaining only those who maintain essential services, after its global
markets dived low to unbearable sluggishness.
The company issued no threat of further cutbacks, but a company spokesman
warned the fate of the workers still depend on market demand.

"The short-time working is a response to the supply and demand balance.  We
won't be producing stuff we don't have orders for," the unnamed spokesman
told the Irish Examiner.

The Kilbarry-based glassware company is the fourth most popular paying
tourist attraction in Ireland, attracting 350,000 visitors each year.  Last
week, Waterford Wedgwood also shed 1,058 jobs at its manufacturing plants in
Stoke-on-Trent.

Production in two British chinaware plants will be transferred to China in
the next few months to save cost, putting the 120-year old tradition to an
end.


=========
I T A L Y
=========


TELECOM ITALIA: Seat PG Approves Accounts of Spun-off Company
-------------------------------------------------------------
Upon the request of Managing Director Paolo Dal Pino, the Board of Directors
of Seat Pagine Gialle (Telecom Italia Group) on Monday approved the
consolidated "carve-out" accounts of the Spun-off Company as of December 31,
2002.

The consolidated accounts for 2002 were prepared by applying the carve-out
principles, i.e. by extracting the accounting data referring to the
corporate complex effecting the spin-off and reconstructing the complex as
if it were an independent entity.

The carve-out accounts were audited by the auditing firm Ernst & Young SpA
and, despite the different methods applied, they are substantially in line
with pro forma results of the Spun-off Company as of December 31, 2002 that
were published in the Spinoff Information Statement pursuant to Art. 70,
Par. 4 of the Consob regulations.

Highlight of pro forma results:

(1) Production value: EUR1.448 billion

(2) Net result for the year: EUR61 million

(3) Shareholders equity: EUR986 million


=====================
N E T H E R L A N D S
=====================


ROYAL PHILIPS: Chief Says EUR1 Bln Cost-saving Target Achievable
----------------------------------------------------------------
The chief executive chairman of electronics company, Royal Philips, says the
group's cost-savings program is progressing at a better-than-expected pace.

Gerard Kleisterlee told the Frankfurter Allgemeine Zeitung on Saturday: "We
will achieve the EUR1 billion [cost savings target] easily... that means, we
will achieve more than that."  The report did not mention how Philips plans
to achieve this.

Royal Philips wants to save overhead costs of EUR300 million, cost-synergies
of EUR350 million in Medical, and cost-savings of EUR300 million coming from
purchasing and R&D, the report said.
In May, Mr. Kleisterlee said the company remains fully focused on the things
management can control -- cost and asset management, process improvement and
customer driven innovation.

A statement from Royal Philips said: "The continuing difficult economic
environment and declining U.S. dollar are putting pressure on revenues, in
particular in the consumer electronics and semiconductor businesses, whilst
the impact of the SARS virus in Asia remains too early to gauge."


===========
P O L A N D
===========


BANK MILLENNIUM: Trading Unit Increases Initial Capital
-------------------------------------------------------
The management board of Bank Millennium S.A. announces that on June 6, 2003
the Bank received an information from the Warsaw Regional Court (19 Economic
Section of the National Registration Court) about the increase in the
initial capital of subsidiary, BET Trading Sp. z o.o., by means of:

(1) Increasing the initial capital of BET by PLN132.600 due to
    the necessity of increasing the nominal value of shares,
    imposed by the provisions of the Commercial Companies Code,
    and

(2) Increasing the initial capital of BET by PLN9,867,000 made
    by the issue of 19.734 new shares, with the nominal value of
    PLN500 and the issue price PLN940 each, totaling
    PLN18,549,960, which have been all subscribed by the Bank.

Upon registration of the initial capital of PLN21,867,000 divided into
43.734 shares at PLN500 each, the Bank will hold 43.733 shares at PLN500
each, i.e. 99.99% in the equity and votes at the BET General Meeting of
Shareholders.  The remaining 1 share valued at PLN500, i.e. 0.01% in the
equity and votes at the BET General Meeting of Shareholders, will be held by
TBM Sp. z o.o., another bank subsidiary.


BANK MILLENNIUM: Subsidiary Returns PLN18 Million Subsidy
---------------------------------------------------------
The management board of Bank Millennium S.A. announces that on June 6, 2003
the Bank received from subsidiary, BET Trading Sp. z o.o., an amount of
PLN18,650,185 as a return of subsidies.

                     *****

Moody's recently downgraded the financial strength rating of Millennium Bank
from D to D-.  The rating review, which the rating agency had conducted
since February, showed that Bank Millennium still has very low recurring
income generation capacity in comparison with peers.

The bank completed its restructuring in 2002 and Moody's expects this to
result to reduced costs, improved productivity, and much lower provision
charges than those seen in recent years in the short- to medium-term.


KREDYT BANK: Obtains Loan from European Investment Bank
-------------------------------------------------------
The Management Board of Kredyt Bank S.A. announces that on June 4, 2003
Kredyt Bank S.A. concluded with European Investment Bank a loan agreement
amounting to PLN220,360,000 with eight years maturity guaranteed by KBC Bank
NV.  The bank will use the loan to finance small- and medium-size projects
in industry, services, tourism, environmental protection and energy savings.


NETIA HOLDINGS: Acquires Entire Shares of Netia Ventures
--------------------------------------------------------
Netia Holdings S.A. (WSE: NET, NET2), Poland's largest alternative provider
of fixed-line telecommunications services, announces that its subsidiary,
Netia Ventures Sp. z o.o., which is based in Warsaw, has been registered
with the relevant Polish court.

Netia acquired 100 Netia Ventures shares (with a par value of PLN500 per
share) constituting 100% of Netia Ventures' share capital and giving Netia
100% of the voting power at Netia Ventures' general meeting of shareholders.
Netia financed the transaction from its own capital.  The book value of
Netia Ventures in Netia's accounts amounts to PLN51,753.52.  The acquisition
will be treated as a long-term investment.


NETIA HOLDINGS: Posts Shareholding Details of Enterprise Fund
-------------------------------------------------------------
Netia Holdings S.A. (WSE: NET) announces that as of June 6, 2003,
shareholder Polish Enterprise Fund IV, L.P. held:

(a) 8,812,520 shares of Netia representing 2.16% of Netia's
    share capital, entitling it to 2.16% of the total number of
    votes at the general meeting of shareholders of the Company,
    and

(b) 5,650,000 two-year subscription warrants and 5,650,000
    three-year subscription warrants, entitling it to acquire an
    aggregate of 11,300,000 of series J shares of Netia.

The Shareholder informed the Company that, upon conversion of all of its
subscription warrants into series J shares, it would hold the shares that
would entitle it to approximately 4.93% of the total number of votes at the
general meeting of shareholders and represent approximately 4.93% of Netia's
share capital.  The voting and share capital percentages indicated by the
Shareholder were calculated assuming that all subscription warrants issued
by Netia will be exercised and exchanged for 64,848,442 series J shares.


NETIA HOLDINGS: Posts Shareholding Details of TeliaSonera
---------------------------------------------------------
Netia Holdings S.A. (WSE: NET) announces that as of May 16, 2003,
shareholder TeliaSonera AB either directly or indirectly held:

(a) 15,101,355 shares of Netia representing approximately 4.39%
    of Netia's share capital, entitling it to approximately
    4.39% of the total number of votes at the general meeting of
    shareholders of the Company, and

(b) 15,650,266 two-year subscription warrants and 15,650,266
    three-year subscription warrants of the Company, entitling
    it to acquire an aggregate of 31,300,532 series J shares of
    Netia.

The Shareholder informed the Company that upon conversion of all of its
subscription warrants into series J shares, the Shareholder would hold
either directly or indirectly 46,401,881 shares of Netia, which would
entitle it to approximately 11.35% of the total number of votes at the
general meeting of shareholders and represent approximately 11.35% of Netia'
s share capital.  The voting and share capital percentages indicated by the
Shareholder were calculated assuming that all subscription warrants issued
by Netia will be exercised and exchanged for 64,848,442 series J shares.

Further, the Shareholder informed the Company that as of June 6, 2003 it
held either directly or indirectly:

(a) 6,288,835 shares of Netia representing approximately 1.83%
    of Netia's share capital, entitling it to approximately
    1.83% of the total number of votes at the general meeting of
    shareholders, and

(b) 10,000,266 two-year subscription warrants and 10,000,266
    three-year subscription warrants of the Company, entitling
    it to acquire the aggregate of 20,000,532 of series J shares
    of Netia.

The Shareholder informed the Company that upon conversion of all of its
subscription warrants into series J shares, it would hold, either directly
or indirectly, 26,289,367 shares of Netia, which would entitle it to
approximately 6.43% of the total number of votes at the general meeting of
shareholders and represent approximately 6.43% of Netia's share capital.
The voting and share capital percentages indicated by the Shareholder were
calculated assuming that all subscription warrants issued by Netia will be
exercised and exchanged for 64,848,442 series J shares.


===========
R U S S I A
===========


NORILSK NICKEL: Net Profits Suffer from Weak Palladium Sales
------------------------------------------------------------
Norilsk Nickel reported a 23% drop in net profits -- from US$411 million in
2001 to US$315 million in 2002 -- due to the downturn in palladium sales.
According to the company, the 86% drop in palladium orders pulled down sales
revenue from US$4.4 billion in 2001 to US$3.1 billion last year.

The Moscow Times said shares of the company were sustained fortunately by
the steady world nickel market, closing up 1% Thursday.  Nickel accounts for
54% of the company's revenues.

According to Leonid Rozhetskin, deputy chairman of the company's managing
board, palladium prices rose due to the threat of labor strikes at Norilsk
and the uncertainty of platinum group metals supply.

While Norilsk indicated it expects demand for platinum group metals --
primarily platinum and palladium -- to gradually subside, analysts do not
believe the firm would pullout operations from the area.  Norilsk is still
having discussion about acquiring Montana-based palladium producer,
Stillwater Mining, it said.

The metals giant is currently cutting workers at factories in northwest
Siberia to save cost.  It plans to trim down the number of workers to 68,000
by the end of 2004 from 88,000 a year ago.  The firm had 131,000 workers in
1996.


===========
S W E D E N
===========


TELIASONERA AB: Completes Disposal of Telia Mobile Finland
----------------------------------------------------------
TeliaSonera on Monday completed the disposal of Telia Mobile Finland to
Finnet Oy (DNA Finland Oy, Suomen 2G Oy and Suomen 3P Oy).  The disposal of
Telia Mobile Finland was completed following the approval of the Finnish
Competition Authority and the European Commission.

The final sale price will be based on Telia Mobile Finland's May interim
accounts.  The sale is estimated to generate a capital loss of approximately
SEK100 million to TeliaSonera.


===========================
U N I T E D   K I N G D O M
===========================


ABBEY NATIONAL: Appoints New Customer Propositions Director
-----------------------------------------------------------
Abbey National plc announces the appointment of Dr. Angus Porter to the
Board as Customer Propositions Director, an Executive Director position.  He
takes up his role on July 1, 2003.  The Customer Propositions division aims
to improve significantly the Company's understanding of its customers and to
design better propositions, products and services for them.  It also
encompasses all advertising, marketing and brand activities across the
Company.

Dr. Porter, 45, will also chair the Customer Board at Abbey National, which
is responsible for bringing together the activities of the Company's three
customer-facing divisions -- Customer Propositions, Customer Sales and
Customer Operations -- to ensure that the Personal Financial Services
business is successful.

He joins Abbey National from BT plc.  He joined BT in 1999 as UK Marketing
Director and in 2000 moved to the role of Managing Director, Consumer
Division, BT Retail.  In the last three years, he has turned the division
from loss to profit, improved customer satisfaction and retention and
launched successful new products such as BT Broadband and BT Together.

Prior to joining BT, Porter spent 14 years at Mars Confectionery, where his
roles included General Manager - Europe: Sugar Confection (1998 - 1999) and
UK Marketing Director (1994 - 1998).  He also worked in sales and in
research and development.

Luqman Arnold, Chief Executive of Abbey National, said: "This new role on
the Board is right at the heart of our strategy of focusing solely on UK
personal financial services.  We have promised to get much closer to our
customers and give better service, advice and choice.  I am delighted that
Angus has agreed to take on this challenge.  He has enormous talent and
brings experience that is extremely relevant to this role.  He has a
fantastic track record in delivering business success by really focusing on
what customers want, and has proved he can do this on a huge scale as BT
Retail has 21 million customers and a business model that has both the
complexity as well as pricing similarity to the retail banking market."

Dr. Angus Porter, for his part, said: "Abbey National has set out to change
the banking landscape by really understanding and responding to customer
needs -- no mean feat in a market where pretty much all the banks are
disliked.  This is a marvelous opportunity for the Company to be truly
different from the others and it has a great starting point, with a highly
recognized brand and serving an incredible one in four of the UK population.
It's also a really exciting move for me and I'm greatly looking forward to
being part of the re-energized Abbey National."

Dr. Angus Porter began his career with Plessey Research, where he was
Principal Research Scientist (1983 - 1985).  This followed two years at
Churchill College, Cambridge as a Research Fellow (1981 - 1983).  Dr. Porter
has an MA in natural sciences, and a PhD in metallurgy from Jesus College,
Cambridge.

He is a non-executive director of MyTravel Group plc, a Board member of
Business in the Community and the Wooburn Park Sports Association Limited,
and a member of the Incorporated Society of British Advertisers Limited.
Dr. Porter is married and lives in Buckinghamshire.

There are no matters requiring disclosure under Section 16.4 (b) of the FSA
Listing Rules.

                     *****

UK's sixth largest bank, Abbey National posted GBP1 billion in losses last
year.  It is now in the process of restructuring its ailing finances.

CONTACT:  ABBEY NATIONAL
          Jon Burgess, Head of Investor Relations
          E-mail: Jonathan.burgess@abbeynational.co.uk


ACCIDENT GROUP: Finances Already on the Rocks Way Before April
--------------------------------------------------------------
The finances of Accident Group already showed an apparent decline months and
weeks before its parent group collapsed into administration, according to
The Independent.

The no-win, no-fee personal injury company incurred losses of almost GBP60
million in the eight months to April, the paper found out.  Accident Group's
GBP56.7 million loss, however, were partly offset by profits at Amulet's two
other subsidiaries, Accident Investigation Limited and Claims Support
Services.  Nonetheless, the holding company still suffered a net loss of
about GBP27 million in the months to April.

Amulet went into administration after laying-off 2,400 staff due to a series
of problems with its business model.  The company failed to win as many as
50% of the personal injury cases it had.  Although the failure did not
directly make the business loss-making, it nevertheless worried insurers,
prompting them to put an end to writing new business with it in April this
year.

HBOS, the creditor of The Accident Group's customers, abandoned the firm in
May after it discovered the true state of the company's finances.

PricewaterhouseCoopers, the administrators, are currently investigating the
circumstances surrounding the company's collapse.


BIG FOOD: Regulators to Look Into Iceland's 2000 Results
--------------------------------------------------------
The Serious Fraud Office is examining the accounts of The Big Food Group
from as far as three year ago to determine whether the firm misrepresented
Iceland's profitability, reports say.

The news sent the company's shares down in the opening deals this week,
according to The Mail.  Inspectors from the Department of Trade and Industry
who had been asked to look into possible insider dealing have handed a file
on the matter to the Serious Fraud Office.  The investigation is looking
into the report announced in September 2000, covering results for the 26
weeks to July 1.  A spokesman for Big Food declined to comment.

The group owns Iceland supermarkets and the Booker cash-and-carry business.
It is currently spending GBP90 million refurbishing its 760 stores.


CABLE & WIRELESS: Redeems Outstanding US$704 Million Bond
---------------------------------------------------------
Cable & Wireless on Monday announced that is has redeemed the outstanding
portion of the zero coupon exchangeable bond due June 9, 2003.  The
outstanding portion of the bonds was redeemed at par for US$704 million (424
million).  The redemption does not affect the company's net cash balances.
As of March 31, 2003 the company's net cash balances was GBP1.619 billion.

The redemption of the exchangeable bond follows the disposal of Cable &
Wireless' entire remaining stake in PCCW announced on June 5, 2003.

CONTACT: CABLE & WIRELESS
         Investor Relations:
         Louise Breen
         Phone: 020 7315 4460
         Caroline Stewart
         Phone: 020 7315 6225
         Virginia Porter
         Phone: 001 646 735 4211


CITY OF LONDON: Chairman Says FY2002 Has Been a 'Shocker'
---------------------------------------------------------
City of London Group released Monday its Preliminary Results And Chairman's
Report for The Year Ended March 31, 2003.

In his report, Chairman John Greenhalgh admitted the company is not doing
quite well, but he assured that the tide is changing: "The past financial
year to put it mildly has been a shocker and upsetting for all.  At the
investment portfolio level, almost weekly, and sometimes daily at one stage,
there was news on individual shares that had a harsh impact on values.

"Remarkably despite the dramatic downturn in stock markets we have survived
in better shape than once feared.  Net assets at year's end stood at 58p
(98p) per share.  The fallow year in operating profits predicted at the
interim stage has resulted in no dividend being recommended for the year in
order to preserve funds.

"We continue to nurture our investment in compliance, archiving through
Archive-it (renamed from Rchive-it and 72.5pc. held after full dilution),
which is now revenue producing.  In order to greatly accelerate its progress
and only if favorable terms can be agreed, a decision has been taken to
dilute/dispose of part or all of our shareholding during the course of the
next year but retaining an interest in its future.  Discussions to this end
are taking place with interested parties and may continue throughout the
summer.  My view is it will probably go to the foresighted Americans as do
so many good British inventions.

"Pre-tax profits for the year ended March 31, 2003 fell to GBP369,208
(GBP704,622) before the previously announced write-off of GBP2.6 million
against our technology investments.  In addition we have provided GBP1.25
million against the fall in value of listed holdings.

"At the operating level the PR division made a small pre-tax loss of
GBP43,534 (profit GBP37,339) with little sign of improvement in the mining
sector it serves.  Dividends and interest payments held up well and brought
in GBP245,386 (GBP284,493) before payment of bank interest of GBP112,656
(GBP44,364).  Gains from sales of investments amounted to GBP285,173
(GBP387,890), the biggest contributor being gold stock Oxiana Resources.
Group losses for the year totaled 40.62p (profit 6.66p) per share, which
reflects all the exceptional provisions made.  Our tax charge was GBP17,736
(GBP136,257).

"The group's investment portfolio of quoted holdings at market value totaled
GBP5.57 million before deducting bank borrowings of GBP2.96 million.  At
year end the twelve largest quoted holdings had a mid-market value of
GBP2,978,000 against a book cost of GBP2,594,000.  The mid-market value last
year was GBP3,926,000 and illustrates the steepness of the fall, which has
taken place in share prices.

"The portfolio net worth (including GBP244,000 of unlisted holdings) was
equivalent to 32.8p per share, with an additional 27.5p per share (GBP2.39
million) invested in Archive-it.  This investment is through a mixture of
equity and loans in Archive-it, which is now 91% owned (72.5% effectively
after full dilution).

"Archive-it made a pre-interest loss of GBP242,456 on sales of GBP65,435 in
the three months to end-March and in view of the decision taken to sell or
refinance the business during the course of the next year, our portion of
the loss has not been consolidated.

"There is always the temptation to sell shares in a falling market and when
values are low.  History shows it is better to sit tight through periods of
such great uncertainty.  We are experiencing some small uplift currently...
May it continue.

"Our mixed adventures into the world of the Internet are on record.  Moving
into the 21st Century captured the imagination of the capitalist world
thirsting for braver types of investment with a potential for huge returns.
The Internet and the multitude of opportunities it presented was
irresistible for most investors with red blood coursing in their veins.  The
Internet, no one could deny, was here to stay; the dotcoms were not.

"We picked on three areas for our activity.  One was a bulletin trade site,
ECeurope.com, which was built up into a membership of 136,000 but failure to
convert to paying membership led to immediate closure of the site.  Our
second investment was Direct Broadcasting Corporation (effectively 40p.c.
held), designers of media management software, providing scheduling,
production, distribution and automated billing for digital networks; this
has been mothballed for the moment.  The two above investments have been
written off for book purposes.

"Our resources have been concentrated on the third investment, Archive-it,
where we backed a software design team with a background in secure messaging
to come up with an e-mail archiving solution for compliance and storage.
This would be easy to use, built on open architecture, and sort, store,
index emails as they became an increasing problem to organizations
worldwide.  So far only 2% of UK business has adopted an e-mail archiving
product according to a survey we carried out.  Our own Enterprise product,
MailStore, is in the marketplace and orders have been received, though on
the slow side, from a variety of police forces, legal and architectural
firms, local authorities, and government bodies.

"The sales cycle has been lengthened by lack of education amongst IT staff
about the real impact of regulation around e-mail, which the U.S. has just
caught on to.  Cash flow from Archive-it is spluttering to life but a
monthly break-even position is not expected before the end of the year as
the larger sales from the channel-driven sources we have been developing
start coming through.  The required funding to break-even in December this
year is estimated by management at around GBP300,000.

"All these stakes were taken on reasonable investment grounds and the
anticipation that second-round funding would be later forthcoming with only
a slight change in market sentiment.    But investor sentiment turned sour
towards all forms of development companies and products took longer to
development completion.

"Archive-it was always a five-year investment to yield major returns.  We
have completed three years of this investment and appreciate the company is
undercapitalized for the role it is destined to play as 'The Best of Breed'
in the compliance archiving market and the marketing spend this entails.
After unsolicited approach by an American firm with a strong corporate
customer base who likes the product, and now by other parties, we are
appraising the options before reaching a decision.

"Separately talks are being held with another U.S. company specializing in
the e-mail area with a view of closer ties.   Archive-it has also started
meetings with venture capitalists in the UK who have expressed interest in
raising funds to develop the sales and service infrastructure and look at
voice mail archiving.

"The value of our investment in Archive-it, whose results are not included
in the figures, has not been written up or down since worth can be judged
only on product sales and future profitability and, quite rightly, the
auditors have again flagged uncertainty of this investment.

LOOKING TO THE FUTURE

"These are times of significant change in business throughout the world.
They come at both organizational and personal level and City of London Group
in the year ahead will initiate change although keeping to a role within the
media and investment sectors.

"Hefty provisions have been made this year as it is prudent to do so but we
hold steady to our purpose of increasing shareholder value again after the
downturn.

"The storm is abating and some sense of values beginning to return.  It is
to be noted that we hold at zero book value the PR business, and
intellectual property rights over the ECeurope and DBC software.

"The tone for business generally will be set in America over the next year
as Stock Markets warm towards the November 2004 presidential election.
There will be opportunity again for fledgling companies with ideas.

"In the meantime, Archive-it's MailStore software is winning clients and
more recently has sold to a leading firm of City solicitors.  Talks to
integrate the system into a major manufacturer's software are reaching an
interesting stage.

"The Archive-it software -- it took longer to be better -- is a 'Rolls
Royce' engine designed to power many different planes in the e-mail world
and provide safe and secure flights to and from all storage destinations.

"MailStore has been re-badge in the United States where marketing has just
begun, and a GBP100 million enterprise solutions provider in London is
carrying out a similar exercise.    Sales from these sources should start
coming through shortly.

"Leading software channel Computacenter has also adopted MailStore as a
priority product to sell through its government division.

"The PR industry has seen some of the worst retrenchment in a very long
time.

"Our own business continues to find the going difficult although mostly able
to cope in slow but deteriorating circumstances.     Taking advantage of a
weak market it will look for a suitable partner in the coming year with the
emphasis on the UK side.

"Yes, despite the severity of the setbacks in the past year, there are
grounds for both hope and some optimism.   We are in a settling down mode
after a particularly discouraging and gloomy period... and ready to move
forward."

To See Financial Results:
http://bankrupt.com/misc/City_of_London.htm


CORDIANT COMMUNICATIONS: WPP Offer Not Yet Guaranteed
-----------------------------------------------------
Advertising giant WPP is already in exclusive talks with Cordiant
Communications in the run down to the acquisition of the struggling firm,
industry sources say.  An advertising executive, however, said despite the
apparent preference for WPP, the transaction is not yet considered done.

"WPP are the only show in town but it is by no means a done deal,
negotiations are continuing," the source said.

A spokesman acting for Cordiant declined to comment, while a WPP spokesman
said, "we are continuing the due diligence with a view to finalizing the
proposals for Cordiant."

The speculation is now on the price of the transaction.

"It really depends on how much of a hit the banks are willing to take... I
am sure they will get at least 3p and I am sure they will get less than the
closing market price of 7p as it was on Friday," said another industry
source who declined to be named.
A 3p a share for shareholders mean WPP pays some GBP10 million for the
equity.

Cordiant has around GBP250 million in debts, although its planned disposal
could still reduce that to GBP200 million.  Taking that into consideration,
analysts put an enterprise value of GBP210 million on Cordiant.  Cordiant's
the 21-strong bank syndicate, led by HSBC, is expected to get some 80p in
the pound.


CORDIANT COMMUNICATIONS: Sells Scholz Stakes for EUR22 Million
--------------------------------------------------------------
Cordiant has entered into a conditional agreement to dispose its 77.3%
interest in Scholz & Friends A.G.  It is proposed that Cordiant's interest
in Scholz is acquired by a new corporate entity (Newco), which on completion
will be owned by Electra European Fund LP and Scholz management.

This transaction represents the second step in Cordiant's stated plan to
reduce debt through a program of non-core asset disposals.  The cash
proceeds payable to Cordiant in respect of the disposal of Scholz are
EUR22.4 million (GBP15.8 million) which, after deduction of transaction
costs, will be used to repay debt.  A further EUR1.5 million (GBP1.0
million) may become payable in March 2004, depending on the performance of
Scholz for the year to December 31, 2003.  This amount will also be used to
reduce borrowings.  Scholz will repay loans made by Cordiant totaling
approximately EUR7.5 million (GBP5.3 million) by December 31, 2003 at the
latest.

Scholz is an integrated advertising and marketing communications group
offering a pan-European network focused on servicing the needs of both
national and multi-national clients.  In addition to advertising, Scholz
offers services in a range of marketing activities including programming,
interactive, design, sponsorship, entertainment, trade-marketing,
consulting, public affairs, CRM, promotion, event/trade shows and public
relations.

In the year ended December 31, 2002, Scholz generated revenues of EUR61.7
million (GBP43.5 million) and profit before tax of EUR2.8 million (GBP2.0
million), on the basis of UK GAAP. Net assets attributable to Scholz as of
December 31, 2002 were EUR9.1 million (GBP6.4 million).

The Bates Group and Scholz have historically been operated as independent
entities and are direct competitors.  Accordingly, the transaction is not
expected to have a material operational impact on any other part of the
Group.

A circular will be sent to shareholders in due course seeking their approval
for the disposal of Scholz.

                     *****

The exchange rate used in this announcement is EUR1.42 to GBPGBP1.00 as of
June 6, 2003

CONTACT:  COLLEGE HILL
          Phone: +44 (0) 20 7457 2020
          Alex Sandberg
          Adrian Duffield


FIRST CHOICE: First Half Pre-tax Loss Down to GBP44.1 Million
-------------------------------------------------------------
The Group achieved another strong performance over the six months ended
April 30, 2003 despite an extremely challenging trading environment.  These
are the highlights:

-- 11% reduction of first half losses before tax and goodwill to
   GBP44.1 million (2002: GBP49.5 million);

-- Stringent capacity management and cost control in the UK
   contained the impact of war in Iraq;

-- Significant turnaround in Canada with profit before tax and
   goodwill of GBP4.1 million (2002: GBP1.5 million loss).
   Business on track to break even for the full year;

-- 28% growth in volumes for European Specialist Businesses,
   with significant growth in volumes to Egypt (37%) and Turkey
   (28%);

-- 20% growth in Exodus' volumes;

-- Continued focus on balance sheet strength and cash
   conservation;

-- Strong recovery in UK and European booking levels across all
   businesses since the beginning of May resulting from strong
   consumer demand;

-- Interim dividend up 7% to 1.6p per ordinary share (2002: 1.5p
   per ordinary share).

Commenting on the results, Chief Executive Peter Long said:

"We have again proven the robustness of our business model by reducing
winter losses.  The breadth of our product offering, the flexibility of our
business models and our financial strength, position us to take full
advantage of continuing change and growth in the leisure travel industry.

"Prior to the onset of the war in Iraq, we reduced capacity for May and
June, thus avoiding the need for promotional activity to stimulate demand.
Overall, UK bookings since the beginning of May have been 15% ahead of last
year, with bookings over the past three weeks 26% ahead, while demand for
high season has been even stronger with bookings being up 26% and 58%
respectively.  Prices and margins are also better than last year and
industry supply would appear to be broadly balanced with consumer demand for
package holidays.  With trading progressing well we are confident of the
full year prospects for the Group."

Interim Statement

Overview

The Group achieved excellent results in a difficult market, once again
proving the robustness of our business model.  The flexibility we have
allows rigorous capacity management and continued stringent cost control.
As a result, we have reduced first half losses before tax and goodwill by
11% to GBP44.1 million (2002: GBP49.5 million).  We are also particularly
pleased with the significant improvement in the performance of our Canadian
business.

Our strategy of reducing dependence on mainstream holidays means that the
First Choice product portfolio enables us to satisfy a broad range of
leisure travel needs.  Having rapidly assessed the situation prior to the
commencement of hostilities in Iraq we reduced the number of holidays on
sale for May and June, thus avoiding the need for promotional activity to
stimulate demand.

Since the cessation of hostilities in Iraq, we have seen a marked surge in
bookings across all businesses, reflecting people's desire to book overseas
holidays.  Looking forward to the remainder of the summer, we believe that
both our own capacity and the industry capacity will match consumer demand.

First Half Results

Group turnover for the six months ended April 30, 2003 was GBP756.1 million
(2002: GBP725.8 million), with a loss before tax and goodwill of GBP44.1
million (2002: GBP49.5 million).

Based on the segmental reporting, the overall loss before interest, tax and
goodwill includes:

-- Winter losses in the UK Mainstream business of GBP37.8
   million (2002: GBP34.1 million), largely resulting from the
   impact of volume shortfalls in the second quarter;

-- Winter losses in the UK Specialist Businesses of GBP1.5
   million (2002: GBP1.7 million), on turnover of GBP147.1
   million (2002: GBP150.5 million);

-- Winter losses in the European Mainstream business of GBP3.2
   million (2002: GBP1.5 million);

-- An improvement in the European specialist performance, where
   profit before interest, tax and goodwill was GBP1 million
   (2002: GBP2.7 million loss), excluding the first time winter
   losses of Connoisseur (GBP0.7 million);

-- A turnaround of GBP5.6 million in Canada and a return to
   profits of GBP4.1 million (2002: GBP1.5 million loss).

The following commentary relates to the Divisional structure.

UK & Ireland

Mainstream UK

The UK Mainstream business has continued to perform well:

-- Overall capacity level with last year, with a further planned
   reduction in the proportion of commodity, lower margin,
   flight only business;

-- Renegotiations with hoteliers to secure accommodation cost
   reductions;

-- Continued focus on flexibility of aircraft lease structures;

-- Summer booking levels are now cumulatively 2% down on last
   year, with margins ahead;

-- Since the beginning of May, overall bookings have been 15%
   ahead of last year with bookings over the past 3 weeks 26%
   ahead, while demand for high season has been even stronger
   with bookings up 26% and 58% respectively. Prices and margins
   are also better than last year, and industry supply would
   appear to be broadly balanced with consumer demand for
   package holidays.

-- May and June margins are cumulatively in line with last year;

-- Consistent recovery in bookings for Winter 03/04.

Specialist Businesses - UK

The brands are:

Sovereign, Hayes & Jarvis, Citalia, Meon Villas, Longshot Golf, First Choice
Ski, FlexiSki.

Our ability to scale back the business with limited financial impact in
anticipation of abrupt changes in consumer demand, demonstrated the
flexibility of the specialist business models. Overall, turnover was
GBP128.3 million (2002: GBP137.2 million) with losses before interest, tax
and goodwill of GBP0.8 million (2002: GBP0.9 million).  This was a strong
performance, against a background of reduced demand to a number of
destination markets during the second quarter.

Overall, cumulative bookings for summer '03 are now 1% up on last year while
booking levels over the past six weeks is 18% ahead with margins in line
with last year.

Recognizing the different characteristics of the mainstream and specialist
businesses within the Group, the UK specialist businesses, with effect from
June 5, have become part of the European Specialist Businesses Division.

European Specialist Businesses

The Group operates businesses in Germany, France, Italy, Belgium, Holland,
Austria, Switzerland and Spain.

The flexibility of the business was demonstrated, as flying and
accommodation levels were quickly adjusted to take account of the changing
demand, particularly in the second quarter.

The key destinations of Turkey and Egypt remained extremely popular and
resilient with growth rates of 28% and 37%, being achieved respectively.

As in the UK, we took action to reduce capacity in May and June and margins
have been maintained in line with last year.  Bookings for summer '03, since
the beginning of May, have been 11% ahead of last year and cumulatively are
now only 10% down on last year.

First Choice Marine

During the period, Sunsail's revenue increased by 5% to GBP23.2 million
(2002: GBP22.2 million).  Our Inland Waterways business is primarily a
summer business and we took advantage of this low season period to complete
the integration of Crown Blue Line and Connoisseur.

Cumulative bookings for the Division are now in line with last year, and
since the beginning of May 21% ahead of last year.

International Event and Destination Services ('IEDS')

IEDS has 46 offices in eight countries and in the first six months handled
1,033,000 passengers, a 16% increase on the 890,000 handled last year.
Within this number, there was a 32% increase in the number of third party
customers.

Capitalizing on our established infrastructure, we have developed an on-line
business that uses the extensive relationships we have with local hoteliers
to offer services such as hotel accommodation, excursions and transfers.  We
are encouraged by the performance of this product, which is already
profitable.

Canada

During the period, our Canadian operation made substantial progress in its
recovery.  Overall, revenues increased by 21% and the combination of reduced
flying costs and capacity increases, resulted in winter profits of GBP4.1
million (2002: GBP1.5 million loss).  Planned savings in flying costs of
C$8m were achieved by increased activity with Skyservice, our main Canadian
aviation partner, thereby providing over half the flying requirement.

Our objective remains to achieve a full year breakeven position.

Soft Adventure

Soft Adventure is a key growth area in our business and fits our strategy
perfectly, being low risk and flexible.  Following the acquisition of Exodus
last year, we acquired Waymark in December 2002 for GBP1.6 million, and will
continue to look at further bolt-on acquisition opportunities.

Revenues for Exodus were 20% ahead of the same period last year and
cumulative bookings for the summer period are currently running 8% ahead of
last year.

Island Cruises

For the first time, Island Cruises, our joint venture with Royal Caribbean,
was based out of Brazil during the winter season and was well received by
local customers.

Sailings out of Palma for the summer season have already started. Summer
bookings are cumulatively level with last year, and bookings since the
beginning of May have been 88% ahead of last year at maintained margins.

Overall, we continue to anticipate that there will be a reduction in the
level of full year losses.

Dividends

The Board has declared an interim dividend of 1.6p (2002: 1.5p) per existing
ordinary share.  This represents an increase of 7% over the prior year. The
dividend is payable on 3 November 2003 to shareholders on the register at 3
October 2003.

Outlook

The Group's excellent performance in the most challenging trading
environment in 20 years continues to endorse the strategic direction chosen
by management in addressing the continuing evolution of the industry.  Our
strategy, implemented a number of years ago, focuses on the need to reduce
dependence on mass-market tourism and has created a business which now
combines a range of more traditional package holidays as well as a portfolio
of specialist businesses and on-line holiday products and services.  Our
broad range of products and booking options enables us to cater for all
types of traveler.

Within the traditional package holiday market, our budget and exclusive
holidays cater for a continuously growing market of travelers who are
interested in price, the ease of having someone else organize their
arrangements, and in the protection that booking through a bonded service
provider brings.

While the more traditional package holiday market continues to show healthy
growth, the Group recognizes there is a sector of the market, comprising
independent travelers, who wish to assemble their own holidays.  First
Choice has all the products and services these customers may require and
will continue to increase the range available on-line.

The breadth of our product offering, the flexibility of our business models
and our financial strength provide a solid platform for organic growth thus
positioning us to take full advantage of continuing change and growth in the
leisure travel industry.  With trading progressing well over the last six
weeks, we are confident of the full year prospects for the Group.

To see financials: http://bankrupt.com/misc/FIRST_CHOICE.htm

CONTACT:  FIRST CHOICE
          Peter Long, Chief Executive
          Phone: 020 7796 4133 on 10 June 2003
                 01293 588 530 thereafter

          Andrew Martin, Finance Director
          Phone: 020 7796 4133 on 10 June 2003
                 01293 588 036 thereafter

          Lesley Allan/Jessica Rouleau
          Hudson Sandler
          Phone: 020 7796 4133


GLAXOSMITHKLINE PLC: Awaits New Labeling Guidelines for Seroxat
---------------------------------------------------------------
Drug maker GlaxoSmithKline, whose development pipeline has for a while
dwindled, stands to face a new challenge with the soon- to-be-revealed
guidelines from UK government's medicines control agency regarding one of
its drugs.

The regulator is expected to recommend new guidelines on labeling and
prescriptions for its best-selling anti-depressant drug Seroxat.

The Department of Health earlier recommended to the Medicines and Healthcare
Products Regulatory Agency a review for Seroxat following complaints from
patients of adverse reactions, including withdrawal symptoms of the product.
The results of the review are expected to focus on some side effects of the
drugs, and the lack of warning on labels.

The market for the UK of the drug known as Paxil in the US accounted for
GBP100 million of GBP2 billion (US$3.3 billion) sales last year.  Seroxat is
one of the most widely used anti-depressants in the developed world.  Known
as the anti-shyness drug, it is part of a class of anti-depressants known as
selective serontonin retake inhibitors, which includes Prozac.

Glaxo said it had been in discussions with the Medicines and Healthcare
Products Regulatory Agency about "proposed updates of the product
characteristics of Seroxat" including labeling.


HENLYS GROUP: Full-year Results to Fall Below Expectations
----------------------------------------------------------
Salient Points
                               6 months              6 months
                                  ended                 ended
                          31 March 2003          30 June 2002

Turnover including
Joint Ventures                GBP232.1m               GBP324.9m
and Associates

Underlying Operating Profit *    GBP8.2m              GBP  16.4m
Underlying Pre-tax Profit *      GBP1.3m              GBP   8.6m
Underlying Earnings per Share *   1.1p                  7.6p
Interim Dividend per Share        1.0p                  2.5p

* Before amortization of goodwill and exceptional costs.

Highlights of Six Months to March 2003:

-- Reduced sales due to seasonally low period for Blue Bird
   school bus business (comparative six months to June 2002 has
   a different seasonal pattern) and weakness in North American
   tourism towards the end of the period.

-- Blue Bird result adversely affected by production problems at
   North Georgia school bus plant.

-- Management changes implemented at Blue Bird business: new
   operational team in place.

-- New vehicle launches at Blue Bird highly successful:
   excellent customer reaction to new Blue Bird school bus,
   motorhome, commercial bus and coach products.

-- Encouraging profit growth in Prevost and Nova Bus and
   continuing double-digit margin in TransBus.

-- Interim dividend reduced to 1p to reflect weaker trading
   results.

Current Trading and Outlook

-- Markets adversely affected by the Iraq war and SARS,
   primarily demand for luxury coaches.

-- The Blue Bird North Georgia recovery plan is well underway
   but will take several months to complete.

-- Full year results will be substantially below previous
   consensus forecasts and additionally there will be an
   exceptional charge of some GBP10million related to the
   problems in North Georgia.

-- With the success of new vehicle launches and strengthening of
   Blue Bird management, there is high confidence of a recovery
   in 2004 and delivery of strong growth thereafter.

Allan Welsh, Chief Executive, said:

"It is disappointing that the short-term difficulties in North Georgia and
reduced travel in North America have affected our forecast for 2003.
However with a much stronger management team now in place at Blue Bird, and
our new vehicles so well received in the marketplace, I am confident we have
laid the foundation for a positive recovery."

Henlys Group plc is the leading bus and coach manufacturer in North America.
Through Blue Bird Corporation, Prevost Car and Nova Bus, it produces a
comprehensive range of vehicles including luxury touring coaches, school
buses, city buses and coach shells for prestige motorhomes.  Henlys also has
a 30% shareholding in TransBus International, a major European bus and
coachbuilder.

HENLYS GROUP plc
Unaudited Interim Results
For the Six Months Ended 31 March 2003

Interim Statement and Trading Update

Introduction

The first half of the 2002/3 fiscal year was characterized by lower economic
activity and consumer confidence in the USA and increasing pressure on State
and Federal budgets.  In the latter part of the period this was compounded
by a substantial downturn in global travel and tourism in the run up to the
war in Iraq.

Towards the end of the six months Blue Bird experienced a capacity
constraint at its North Georgia school bus plant.  As part of a company-wide
manufacturing rationalization program that plant absorbed volume previously
supplied from two other Blue Bird facilities.  Delivery delays and internal
quality failures occurred as a result of the volume ramp-up and the transfer
of more complex school bus models.

Despite these short-term challenges, there have been important successes in
building the foundation for the Group's recovery.  In particular, good
progress has been made in launching Blue Bird's new products, the majority
of which are now entering production.  There has been an excellent reaction
from distributors and final customers to all of these new vehicles.

Financial Results

Following the recent change of accounting dates, these interim results are
the first to cover the October to March period, when seasonal demand for
Blue Bird's products is lowest.

For the six months to March 31, 2003 total turnover including joint ventures
and associates was GBP232.1 million (January to June 2002 GBP324.9 million).
This includes GBP43.9 million for associates (January to June 2002 GBP44.2
million).  Group operating profit before exceptional costs and amortization
of goodwill was GBP8.2 million compared with GBP16.4 million in January to
June 2002.  The main reasons for the lower turnover and operating profit are
the significantly weaker seasonal period included this year for Blue Bird
school buses and the production problems at North Georgia which incurred
additional costs and delayed supply of some vehicles until after the period
end.

Pre-tax profit before exceptional costs and amortization of goodwill was
GBP1.3 million (January to June 2002 GBP8.6 million).  Earnings per share on
the same basis was 1.1p compared with 7.6p in January to June 2002, and
fully diluted EPS 3.8p (8.9p January to June 2002).  The Group's net debt at
31 March 2003 was GBP303.0m against GBP307.8m at 30 June 2002.

Blue Bird

The overall market for school buses was broadly flat in the first half year
although pressure on State budgets has been increasing.  Demand for
motorhomes and commercial buses reduced in the second quarter, affected by
business uncertainty in the build-up to the war in Iraq.  There was a more
significant negative effect on coach volumes, which were already depressed
before the impact of the SARS virus.

Blue Bird made an operating loss of GBP0.2m before exceptional costs and
amortization of goodwill compared with an operating profit of GBP9.9m in
January to June 2002.  This reflects the impact of the seasonally low
delivery period for school buses and also lower sales of motorhome,
commercial bus and coach products as Blue Bird phased out a number of old
models and produced only the initial launch volumes of six new models.
Additional costs were also incurred at North Georgia related to the
production and quality problems.  A recovery program is now underway at that
site.

Market reaction to all the new Blue Bird vehicles has been extremely
positive - the Xcel 102 standard floor height bus, Ultra LF and LMB
low-floor midi-buses, M380 motorhome and Blue Bird Vision school bus are now
in the early stages of production.

To improve financial and market focus on the different product ranges Blue
Bird has been reorganised into three separate Business Units - School Bus,
Commercial Bus, Motorhome/Coach.  The key positions in the new management
structure have now been filled, many by external recruitment.

Prevost Car Inc and Nova Bus Corporation

The Group has a 50% shareholding in these joint ventures. The Group's share
for the period was GBP3.9m operating profit before exceptional costs and
amortization of goodwill (GBP1.5m in January to June 2002).

Prevost again maintained market share in coaches, and continued to trim its
cost base to cope with the depressed North American coach market.  Demand
for motorhome shells held up better, and new market applications are
emerging for these high-specification coach shells.

Nova Bus is now delivering the expected benefits of exiting the two US
plants closed in the last year.  During the first half further operational
improvement was achieved with reduced build times and improved quality
levels.

TransBus International

The Group has a 30% shareholding in TransBus. As announced previously, with
the Group's change of year-end TransBus results will now be included in
Group financial results with a three-month lag.  Therefore this interim
report includes the TransBus figures from June to December 2002.

The Group's share of TransBus produced an operating profit before
exceptional costs and amortization of goodwill of GBP4.4m (GBP5.1m January
to June 2002).

TransBus maintained its market leadership in the UK, and continued to
develop selected export markets.  The re-structured coach operation achieved
30% sales growth in 2002.  The introduction of the congestion charge in
London is expected to have a positive effect on bus ridership, opening up
market opportunities if similar schemes are adopted by other UK cities.

Current Trading and Outlook

Demand in North America has deteriorated due to the effects of the Iraq war
and SARS on tourism and consumer confidence in general.  This has had a
particular impact on the level of demand for luxury coaches.  Whilst the
recovery program in North Georgia is well underway, it will take several
more months to complete. As a result of these factors, the Group's full-year
results will be substantially below previous consensus forecasts. In
addition, these results will include an exceptional charge of some GBP10m
related to the problems in Blue Bird North Georgia.

Although these factors have combined to impact adversely the Group's
short-term results, some notable progress has also been made in this period
with the improved performance of Nova Bus, the successful launch of new
vehicles and strengthening of the Blue Bird management structure to resolve
the short-term production and quality issues in North Georgia.

In light of the Group's existing bank facilities being due to expire in
September 2004, management is in the process of discussing the refinancing
of these facilities with its lenders.  The Group is currently operating
within the terms of it facilities.

In overall terms the Board remains confident that the Group's current
strategy will enable the Group to achieve a recovery in 2004 and deliver
strong growth thereafter.

Dividend

The Board has declared an interim dividend of 1.0p to be paid on 12 August
2003 to holders of Ordinary Shares on the register at close of business on
18 July 2003.

To see financials: http://bankrupt.com/misc/HENLYS_GROUP.htm

CONTACT:  HENLYS GROUP PLC
          Allan Welsh, Chief Executive
          Brian Chivers, Finance Director
          Phone: 020 8953 9953

          Citigate Dewe Rogerson
          Chris Barrie
          Rupert Steveney
          Phone: 020 7638 9571


ILLUMINATOR: Increases Pre-tax Loss on Ordinary Activities
----------------------------------------------------------
Chairmen's Statement

Introduction

On 26 April 2002 we announced that Illuminator intended to realize the value
of its portfolio of investments. On 29 October 2002, that process was to all
intents and purposes completed as the Group disposed of all but one small
investment. Whilst the Board considers future opportunities, it has reduced
the Company's overheads and operating cash outflow to a minimum.

The Results

During the year, the Group returned almost GBP5.0 million to all
shareholders by way of a special dividend in July 2002 and a further GBP7.8
million to participating shareholders by way of the Company's tender offer
completed in October 2002.  At the year end, the Group had a cash balance of
GBP766,000 and net assets of GBP747,000.  It retains only one small
portfolio investment in Shore Capital Group plc (valued at GBP50,000 at the
year end).

The Future

As previously stated, Illuminator is seeking to maximize the value of its
quotation on AIM, its cash balance and an estimated GBP3.9m of capital
losses. It is likely that this would be through a 'reverse takeover' of a
business seeking to utilize these remaining assets or through the
acquisition of a company, which would result in a new business activity for
Illuminator. We shall inform shareholders as soon as there are any
developments in this regard.

Directors and Advisers

The hard work of our co-directors as well as that of our advisers Shore
Capital, Stephenson Harwood and BDO Stoy Hayward in helping us return some
GBP12.8 million this year to shareholders is very much appreciated and we
would like to thank all concerned.

Brian Myerson and Julian Treger
Joint Executive Chairmen

9 June 2003

Consolidated profit and loss account
                                           ADVANCE /Y 97.20
                                          2002           2001

                                          GBP000         GBP000


Turnover
                                           28            657
Cost of sales                             (1)          (265)
Gross profit                              27            392

Administrative expenses                 (714)          (787)

Other operating income                    49             36
Operating loss                          (638)          (359)

Amounts written off investments         (141)        (1,644)
Loss on disposal of fixed asset investments
                                      (3,367)          (329)
Loss on ordinary activities before interest and tax
                                      (4,146)        (2,332)

Income from other investments              2            109
Interest receivable                      138            348
Loss on ordinary activities before taxation
                                      (4,006)        (1,875)

Taxation on loss from ordinary activities
                                          -              -
Loss on ordinary activities after taxation
                                      (4,006)        (1,875)

Dividends paid                        (4,979)              -
Retained loss for the financial year  (8,985)        (1,875)




ADVANCE /Y 97.20
                                       2002            2001
                                       pence          pence

                                   (as restated)   (as restated)

Loss per share
Basic and diluted                     (3.8)            (1.3)

All amounts relate to continuing activities.

All recognised gains and losses are included in the profit and loss account.


Consolidated balance sheet

                                       2002          2001
                                      GBP000        GBP000

Fixed assets
Tangible assets                        -            27
Investments                            50        10,886
                                       50        10,913

Current assets
Debtors                              25          1,103
Cash at bank and in hand            766          5,803
                                    791          6,906

Creditors: amounts falling due within one year
                                   (94)           (267)
Net current assets                 697         6,639
Total assets less current liabilities
                                   747        17,552

Net assets                         747        17,552


Capital and reserves
Called up share capital            121        13,829
Share premium account              -          13,014
Capital redemption reserve       1,262             -
Special reserve                 11,754        11,826
Profit and loss account        (12,390)      (21,117)
Shareholders' funds - equity       747        17,552




Consolidated cash flow statement

                                2002          2001
                              GBP000          GBP000

Net cash outflow from operating activities
                               (699)         (645)

Returns on investments and servicing of finance
                                153           443

Tax paid                         -             -

Capital expenditure and financial investment
                              8,308         (3,054)

Dividends paid               (4,979)       -

Cash inflow/(outflow) before management of liquid resources and
financing                     2,783         (3,256)

Management of liquid resources4,965         2,982
Financing                    (7,820)       -

Decrease in cash in the year    (72)          (274)


NOTES

(1) Publication of non-statutory accounts

The financial information set out above does not constitute the Company's
statutory accounts for the year ended 31 December 2002, but is derived from
those accounts.  Statutory accounts for 2002 will be delivered to the
Registrar of Companies following the Company's Annual General meeting. The
auditors have reported on these accounts and their report was unqualified.

The Company's 2002 Annual Report and Financial Statements, including the
notice of the forthcoming Annual General Meeting will be posted to
shareholders shortly.

(2) Earnings per share

Earnings per ordinary share have been calculated using the weighted average
number of shares in issue during the relevant financial periods, adjusted
for the share consolidation and share repurchase that took place during the
year.

The weighted average number of equity shares in issue was 106,736,563
(2001 -128,295,206) and the earnings, being loss after tax, were
GBP4,006,000 (2001 -loss GBP1,875,000).  No potential ordinary shares have
been treated as dilutive as their conversion to ordinary shares would
decrease the net loss per share.


INGENTA PLC: EBITDA Losses Reduced to GBP1.3 Million
----------------------------------------------------
The Board of Ingenta plc, the global market leader in creating Internet
versions of professional and academic research publications, announces its
interim results for the 6 months to 31 March 2003.

Highlights

-- Sales increase 7% to GBP4.6m (2002: GBP4.3m)

-- 24% reduction in overheads to GBP4.7m (2002: GBP6.2m)

-- EBITDA losses reduced by GBP1.5m to GBP(1.3)m (2002:
   GBP(2.8)m)

-- Loss before tax reduced by GBP4.8m to GBP(1.8)m from
   GBP(6.6)m

-- Board confident of continued substantial progress in the
   current year

Commenting on the results, Martyn Rose, Non-Executive Chairman, said:

"Ingenta continues to make progress towards profitability. As we indicated
following our reorganisation of the business last year, the combination of
increased sales and sharply lower costs has already provided substantial
improvements in financial performance.  Overheads are still declining and,
together with the benefit of recurring and deferred revenue to be recognised
in the second half, and continuing new business wins, the Board is confident
that further progress will be made."

Mark Rowse, Chief Executive, added:

"Ingenta has been successful in retaining customers and attracting
significant new business in its core markets despite difficult trading
conditions. A strong forward order book, and lower overhead base, provides
confidence that the group can make further progress towards profitability."

                     *****

Ingenta is the global market leader in creating the Internet versions of
professional and academic research publications. As well as managing and
distributing published scientific, professional and academic research via
the Internet, it also develops and maintains Specialist Web sites for
publishers, self-publishing societies and libraries.

For publishers of scientific, professional and academic periodicals,
journals and reference works, Ingenta provides a suite of Publisher Services
including data conversion, secure online hosting, access control and
distribution services.  This research content - 14.5 million articles from
over 5,700 online publications and over 20,000 fax delivered publications -
is accessed by over six million researchers a month via
http://www.ingenta.comand its Specialist Websites.

Ingenta's revenue streams derive from:

-- Fees paid by customers for Publisher Services.

-- Fees paid by customers for Specialist Website build and
   maintenance.

-- A share of Pay-Per-View article purchases and website
   subscription revenues.

To See Full Financial Results:
http://bankrupt.com/misc/Ingenta.htm


INVENSYS PLC: Sale of Energy Management Units Still Months Away
---------------------------------------------------------------
The sale of Invensys' Teccor and Hansen Transmissions units will likely take
several months despite the firm's progress in looking for potential buyers,
a person close to the company said, according to Dow Jones.

The source said the divestment could take "within the same time frame" as
that of Invensy's loss-making software business Baan, which is about six
months.  He did not, however, name potential buyers.

This is despite the fact that the current sale discussions are the "most
advanced" among the businesses targeted for divestment over the next two
years, according to the report.  Teccor is a Texas-based maker of
semiconductor devices and telecommunication surge protectors within
Invensys's Energy Management division.  It employs more than 2,100 people in
Texas and Mexico, and produces GBP48 million of annual turnover.  It made an
operating loss of GBP4 million in the latest fiscal year.

Belgium-based Hansen makes transmissions for wind energy and industry.  It's
also part of the Energy Management division.  In the fiscal year ended March
31, Hansen had revenue of GBP73 million and GBP11 million of operating
profit.

Invensys CEO Rick Haythornthwaite said in April that the company would seek
to raise at least GBP1.8 billion through the sale of companies in the Energy
Management division.

Invensys is selling the units to counter weak markets at its industrial
products and trim down debt which still stands at GBP1.6 billion despite the
sale of its eight businesses for a total of GBP1.8 billion since February
2002.

The sale of Baan last week marks the start of the company's second program
of divestments, which involves the sale of businesses that currently account
for GBP2.9 billion of annual sales and represent more than half of the
parent company's remaining total revenue.

Invensys will be left with its Production Management and Rail Systems
divisions after the divestments.


REDSTONE PLC: Decreases Full Year EBITDA Losses
-------------------------------------------------------
Redstone, the national communications services provider, announces its
financial results for the year ended March 31, 2003.

FINANCIAL HIGHLIGHTS

Relating to continuing operations:

Improved profitability and margins

(a) EBITDA loss of GBP0.9 million (2002 GBP7.0 million loss)

    -- Second half EBITDA profit of GBP0.1 million (GBP1.0
       million EBITDA loss in first half).

(b) Continued focus on enhancing margins

    -- Gross margin for the year rose to 27% (2002 20%), and 30%
       in the second half of the year.

    -- Revenues were down 11% to GBP68.2 million (2002 GBP76.8
       million), the reduction generally being in low margin
       product lines.  A much improved revenue mix was achieved
       through concentrating on more strategic products in
       telecoms and ISP services.

    -- The Group's percentage gross margin has increased from
       13% to 27% over the last two years.

    -- Net operating costs fell 28% from GBP30.3 million to
       GBP21.9 million, excluding amortization and impairments.

(c) Strengthened balance sheet

    -- Cash balances up GBP1.8m over the last six months to
       GBP12.0m at year end (2002 GBP12.9m).

    -- Balance sheet debt at GBP0.2 million, down from GBP5.3
       million at 31 March 2002 following completion of a
       strategic agreement with BT Wholesale on 14 May 2002.

OPERATIONAL HIGHLIGHTS

-- Redstone is now repositioned as a national end-to-end
   communications services provider

-- All subsidiaries and operations teams have been integrated
   into one trading company

-- The national sales and marketing organisation has been
   rebuilt and new teams established in key geographic markets
   including Scotland and Northern England

-- One seamless customer interface for the whole Redstone
   portfolio delivers increased potential for selling multiple
   services to individual customers

-- New business includes orders from Reed Executive and Foxtons.

Ian Brown, Chief Executive of Redstone, commented:

"We are making real progress in transforming Redstone into a national
communications services provider, with a sound financial base. We expect the
measures we have implemented so far to continue to produce a steadily
improving financial and operational performance going forward."

To See Full Financial Results:
http://bankrupt.com/misc/Redstone_Plc.htm

CONTACT:  ICIS
          Roger Leboff/Archie Berens
          Phone: 020 7628 1114


ROYAL & SUNALLIANCE: Divests Puerto Rican Insurance Subsidiary
--------------------------------------------------------------
Royal & Sun Alliance Insurance Group plc has agreed to sell its Puerto Rican
subsidiary, Royal & Sun Alliance Insurance (Puerto Rico) Inc., to
Cooperativa de Seguros Multiples de Puerto Rico.

The consideration will be around GBP38 million (US$61 million) to be paid in
cash on completion and will be subject to a completion accounting
adjustment.  As of December 31, 2002 the net asset value of Royal & Sun
Alliance Insurance (Puerto Rico), Inc., on a local GAAP basis, was
approximately GBP28 million (US$45 million).

Kelvin Edwards, Managing Director, Latin America & Caribbean Region said:
"This represents another significant step in Royal & Sun Alliance's
strategic withdrawal from the hurricane-exposed territories of the
Caribbean. It follows a withdrawal from the Bahamas and Bermuda at the end
of 2002 thus significantly reducing potential volatility in results. It will
also contribute further to the Group's capital release program."

The business is to be sold as a going concern.  The transaction is subject
to certain conditions including normal regulatory approvals.

                     *****

-- A consideration of US$61m is agreed for the purchase of 100%
   of the shares of Royal & Sun Alliance Insurance (Puerto
   Rico), Inc.  As at the date of signing, Royal & SunAlliance
   owns approximately 94.3% of the shares.

-- The Latin America & Caribbean regional reinsurance program
   of Royal & SunAlliance will remain in place until 31 December
   2003 and will continue to respond to liabilities incurred by
   Royal & Sun Alliance (Puerto Rico) Inc. up to that date with
   limited run off cover provided on a small number of policies
   in 2004.

-- As of December 31, 2002 Royal & Sun Alliance Insurance
   (Puerto Rico) Inc.'s Gross Written Premiums were US$141
   million (GBP87 million).

CONTACT:  Malcolm Gilbert
          Phone: +44 (0)20 7569 6138
          Stephen Clarke
          Phone: +44 (0)20 7569 6127


ROYAL & SUNALLIANCE: Sells Royal Specialty Underwriting Inc.
------------------------------------------------------------
Royal & SunAlliance sold Royal Specialty Underwriting, Inc. (RSUI), its US
surplus lines operation, to Alleghany Insurance Holdings LLC for a
consideration of around GBP72 million ($115 million), payable in cash and
subject to post-completion adjustment.  Profits for the first half of the
year will be retained by the Group.

The operating profit of the business underwritten by RSUI for the first
quarter of 2003 was around GBP51 million ($83 million).  RSUI results are
subject to extreme seasonality.  The net assets of RSUI as of December 31,
2002 were GBP2 million ($3 million).  RSUI operates as a managing general
agency, underwriting specialty insurance coverage on behalf of certain Royal
& SunAlliance insurance carriers.  The net written premiums for 2002 were
around GBP320 million ($515 million). The transaction is expected to release
risk-based capital of around GBP198 million and to complete during July
2003, subject to appropriate government approvals.

Commenting on the deal Andy Haste, Royal & SunAlliance's Group Chief
Executive said: "This transaction significantly reduces the volatility and
catastrophe exposure of our US business and is an important part of our
capital release program.  Taken in combination with the recent IPO of the
Australian and New Zealand businesses and sale of our UK healthcare &
assistance business, it means that our risk based capital position has
substantially improved.

"Two hundred eighty existing RSUI staff will be transferred to Alleghany.
We believe that they will welcome the opportunity to continue working with
the existing management team and the new owner, who are committed to the
development of the business."

CONTACT:  Malcolm Gilbert
          Phone: +44 (0)20 7569 6138

          Stephen Clark
          Phone: +44 (0)20 7569 6127

          Karen Donhue
          Phone: +44 (0)20 7569 6133


SMF TECHNOLOGIES: Sells Operations, Reconstructs Capital
--------------------------------------------------------
The Board of SMF Technologies plc announces that the Company had entered
into a contract, conditional upon shareholder approval, to sell all the
issued share capital of all its trading subsidiaries to Gardon Limited
(Gardon), a company partially controlled by John McDonnell, the managing
director of the Company.

Background

On March 19, 2003 the Board announced that the proposed acquisition
announced as part of the Interim Announcement was not going ahead.  The
Company, while receiving indications of support from major shareholders and
from a bank, was unable to reach a situation with the financing that
satisfied the vendors so as to enable the acquisition to be put to
shareholders.  In that announcement it also confirmed that trading continued
to be at an acceptable level but that the short term revenues from license
fees, expected by exploitation of the Company's technologies, would be
constrained.  Since then, trading conditions for the Company have continued
to be very difficult given the current economic climate.

As a result of the proposed acquisition not going ahead, the major
shareholder, who has supported the company since August 2001 through the
provision of a loan note from a company controlled by him, indicated to the
Board that he could not continue to underwrite the Company's operations into
the future. Given the size of the Company, with a market capitalization of
less than EUR2 million, the fact that the business of the Company was just
break-even and that the returns from the investment in the new technologies
was becoming more and more uncertain, the Independent Directors authorized
the management of the company to consider making a management buy-out offer.
This has resulted in the contract described below.

John McDonnell, the Company's Managing Director, has confirmed to the Board
that he is unwilling to continue in this role should the Company continue to
own and operate its existing business.  Mr. McDonnell has also confirmed
that he is having discussions with Enterprise Ireland that should the buyout
be approved, Enterprise Ireland would agree to modifications to the terms of
its loan to the business Gardon is acquiring.

Following completion of this transaction the Company would have no
liabilities and its sole asset will be cash.

The Independent Directors have further considered the opportunities that may
exist for the shareholders to recover some value through the Company being
utilized as a shell.  Following the completion of the sale to management,
approved by shareholders, the Company will have only a small amount of cash,
currently estimated at EUR10,000.  The Board has received some approaches
from parties who wish to commence negotiations to use the Company as a shell
but at this stage the Board has no details of the nature of the proposed
transaction.  There can be no certainty that such a transaction will take
place or, if it does, that the benefits to shareholders will be other than
nominal.

The Board have therefore decided to allow possible negotiations a minimum of
three months and a maximum of six months, in each case from the date of this
circular, to come to fruition and if after three months there are no parties
still in negotiation or if after six months no transaction is close to
conclusion, the Board will convene a further Extraordinary General Meeting
to consider resolutions to place the Company in members' voluntary
liquidation.

To facilitate a transaction as a shell a resolution is also being put before
the EGM to reconstruct the capital of the Company to enable New Ordinary
Shares to be issued for less than EUR0.12 per share.  In addition, a
resolution is being put to the EGM for shareholders inter alia to waive
their statutory pre-emption rights and so to enable the Directors to issue
up to 100 million ordinary shares of EUR0.01 each for cash without offering
them to existing shareholders.

Contract with Gardon

Gardon is a newly formed company that has not previously traded.  All the
issued share capital of Gardon is owned by John McDonnell and Gary Carroll.
John McDonnell has been Managing Director of the Company for the last two
and a half years.  Gary Carroll has acted as a consultant to the Company for
the last one and a half years.

The Company and Gardon have entered into a purchase and sale agreement
pursuant to which the Company has agreed, subject to shareholder approval,
to transfer all the issued share capital of Suparule Holdings Limited,
SupaRule Systems Limited, SupaRules Limited and SupaRule SA (Pty) Limited to
Gardon.  Gardon has agreed to have novated to it the Company's liability of
EUR186,000 due to Limerick Tile & Glass Company Limited, a company
controlled by Martin O'Donoghue and to pay EUR50,000 to the Company in
consideration for the transfer.

The agreement contains limited warranties with regard to the Company's
ownership of the shares in the subsidiary companies being sold and the
ability of the company to sell those shares.  The maximum liability of the
Company under these warranties is limited to the consideration paid by
Gardon.  John McDonnell will be resigning as a Director upon the passing of
the Resolutions although he will continue to assist the Independent
Directors as necessary in any administrative matters concerning the Company.

Quotation

Following, inter alia, the resignation of the Company's sponsoring broker
the trading of the Company's Ordinary Shares on the DCM was terminated on
June 5th, 2003.  The Company's quotation on AIM continued and will continue.

Circular and EGM

A circular to shareholders is being posted to shareholders today, June 9th,
2003, providing information on these matters and convening an Extraordinary
General Meeting of shareholders to consider and if thought fit to approve
these proposals.  Copies of this document are available for the next month
from the offices of the Company at 9 Technological Park, Castletroy,
Limerick, Ireland.


SOMERFIELD PLC: To Explain Rejection of Bid in Full-year Results
----------------------------------------------------------------
Somerfield will include a reassessment of the value of its property
portfolio in its full-year results in order to explain its rejection of an
offer that valued the supermarket group at 120 pence-a-share, according to
the Daily Telegraph.

Entrepreneurs John Lovering and Bob Mackenzie increased their initial 103
pence per share offer in April to 120 pence-a-share this month, but the
board of Somerfield together with its advisers said the amended proposal
"undervalues the company substantially."

Somerfield's property portfolio has a book value of GBP542 million, but this
has not been reassessed for seven years, according to the report.  Analysts
expect the company to double the value of the 1,300-store property
portfolio.  Somerfield refused to comment on the issue.  The supermarket
group will have its results briefing on July 2.


TELEWEST COMMUNICATIONS: Announces Update on Restructuring
----------------------------------------------------------
On September 30, 2002, Telewest Communications plc announced that it had
reached a preliminary agreement relating to its balance sheet restructuring
with the ad hoc committee of its bondholders (the Preliminary Restructuring
Agreement).

The Company has since made significant progress towards implementing the
Preliminary Restructuring Agreement and, as a result, is close to publicly
filing the documentation necessary to effect the Restructuring.  The
implementation of a final, binding agreement, however, requires the
continued support of, among others, the Bondholder Committee.

The Company has been notified by the Bondholder Committee that, in order to
obtain the support of certain of the Company's bondholders, the Bondholder
Committee is requesting certain changes to the economic and other terms of
the Preliminary Restructuring Agreement.

While the Company continues to believe that a restructuring will be
concluded successfully, further negotiations will be required with the
Bondholder Committee and the Company's other major stakeholders.  The
Company remains committed to delivering a resolution to these negotiations
that balances the interests of all the Company's stakeholders as fairly and
equitably as possible.

A further announcement will be made when a final agreement has been
concluded.

Charles Burdick, managing director commented:

"We have come a long way in developing a restructuring proposal that
represents a fair balance between the interests of all our stakeholders.
Naturally, we would wish it to be as consensual as possible. While we are
disappointed with this development, we are in the final stages of these
discussions and therefore the restructuring process.  Meanwhile, as our
first quarter results demonstrated, Telewest's business continues to perform
fully in line with our expectations."

                     *****

Citigroup is acting for Telewest and no one else in connection with the
Restructuring and will not be responsible to any other person for providing
the protections afforded to customers of Telewest or for providing advice in
relation to the Restructuring.

CONTACT:  TELEWEST
          Charles Burdick, Managing Director
          Phone: 020 7299 5000
          Jane Hardman, Director Of Corporate Communications
          Phone: 020 7299 5888

          CITIGATE DEWE ROGERSON
          Phone: 020 7638 9571
          Anthony Carlisle
          Phone: 07973 611 888


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-published by
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Washington, DC USA.  Larri-Nil Veloso, Ma. Cristina Canson, and Laedevee
Gonzales, Editors.

Copyright 2003.  All rights reserved.  ISSN 1529-2754.

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